As one of the largest business segments of the global financial services industry, international payments represent a massive market, great opportunities, and some very promising players. However, there have been some recent developments in the area of correspondent banking relationships; they are being affected by the changing regulations and increasing concerns on money laundering and terror financing.
Correspondent banking relationships (CBRs) are being withdrawn across various geographies, which is eventually resulting in small banks and money transfer operators (MTOs) losing their nostro accounts. This consequently prevents a section of customers and businesses from accessing financial services.
LTP’s new research report “International Payments - Moving With The Money,” in collaboration with InstaReM, dives deep into the changing dynamics of the global market with an exclusive focus on the global trends in CBRs.The report also expands on the challenges associated with existing wire transfer systems, taking into account both the end-user as well as the bank’s point of view.